The surge and diversity of businesses flourishing in Panama, coupled with its appealing economic steadiness, have spurred many entrepreneurs to delve into the real estate sector in recent times. The assortment of properties and the lucrative advantages of their dealings are among the key attractions for an entrepreneur in United Kingdom to focus on real estate.
Yet, for those aspiring to become a property agent and achieve success in this field, staying updated with the latest developments in the property market in Panama is highly recommended.
Understanding the Role of a Real Estate Agent
A real estate agent is a specialist within the real estate industry responsible for facilitating the transactions of buying, selling, and renting properties. The agent’s primary role is to link buyers with sellers, offering tailored guidance and handling all the necessary legal and administrative processes involved in a property transaction.
Essential criteria for United Kingdom citizens to qualify as a real estate agent in Panama
As with any profession in the financial and real estate fields, becoming a real estate agent in Panama requires submitting various documents and adhering to the legal procedures. The necessary criteria include:
- Take courses and pass a written examination administered by the Real Estate Technical Board.
- Obtain a bond of ten thousand (USD 10,000) US dollars to cover negligence claims and government fines.
- Power of attorney and request for legal paper presented through an attorney duly authenticated before a notary public, attach a legal form.
- Proof of Panamanian citizenship or, in case of being a foreigner, proof of at least 5 years of residence.
- Annual payment of twenty-five (USD 25) U.S. dollars for Stamp Taxes.
- Present proof of no criminal record.
Being a real estate agent in Panama: discover some of its benefits
Working as a real estate agent within the expansive real estate market in Panama involves staying active and keeping up-to-date with all potential property dealings and negotiations with buyers. Additionally, there are several advantages you can consider while preparing to become a real estate agent in Panamanian territory. These benefits include:
- Strategic location: Panama is a country located in Central America, which gives it an advantageous position to attract international investors and buyers. As a real estate agent, you can have access to an international client base and help facilitate cross-border transactions.
- Tax reduction: this benefit is one of the favorites due to the financial relief it means for the agent. For example, if you buy a property with a cadastral value below $120,000, you will not have to pay taxes on that property under Law 66 of 2017. In turn, properties with a cadastral value up to $120,000 are exempt from real estate taxes, while properties with a cadastral value between $120,001 and $700,000 are taxed at 0.5% of the cadastral value. And if the cadastral value is higher than $700,000, then the corresponding tax is 0.7% of the cadastral value.
- Developing real estate market: it is a fact that the real estate market has continued to grow like foam over the last few years, allowing you to move up as an agent in this field very quickly.
- Possibility of residency permit as an investor: another benefit that is being taken advantage of by real estate investors is the real estate investment visa program. This is based on the fact that by making a real estate investment that complies with the legal requirements established in the country, investors can apply for and obtain residency.
Legal Solutions Panama: Specialists in Legal Guidance for Establishing Your Business as a Real Estate Agent
To make a remarkable entry into the real estate market, it is crucial to have a business entity dedicated to that purpose. So, if you’re initiating a project and aiming to soar in the real estate sector, seeking the assistance of professionals who can guide you in setting up your business is a wise decision. Legal Solutions Panama is a firm that specializes in establishing companies in Panama.
Owing to its vast expertise, the Legal Solutions team is well-equipped to guide you through incorporating your company. Their proficiency ensures that you navigate all procedures seamlessly, avoiding unexpected issues, and paving the way for a successful launch.
To learn more about the services they offer, you can visit here and receive a complimentary thirty-minute consultation with one of their experts.
